BMI View: Ghana, Kenya and Nigeria are frontier markets that all have considerable device spendinggrowth potential as a result of low penetration rates in all major device categories that are far lower thandeveloped and emerging markets. Performance was weak over 2014-2016 due to low commodity prices andlocal currency depreciation, but we envisage a stronger trend over the medium term as vendors tap pent-updemand, rising incomes, and with support from demographics. There is, however, still downside riskbecause low-incomes and commodity centric economies mean the devices markets are vulnerable toexternal shocks.

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Ghana: Device sales of USD553mn in 2017 to USD791mn in 2021, a CAGR of 9.4%. A boomingsmartphone market will sustain device spending growth over 2017-2021 as rising incomes and anexpanding population continue to deepen the addressable market.